Aussies are 'irrationally spending money' on holidays they can't afford, survey reveals
Aussies are known as being a nation of travellers, and despite the cost of living crisis, many are refusing to ditch their trips, a survey has found.
Millions of Australians are "irrationally spending money on holidays they can't afford", according to new research by Finder.
The Finder survey of 1,049 people revealed one in six Aussies admitted they have booked a holiday they couldn't afford in the past year.
READ MORE: Tassie shines in Lonely Planet's 'Best in Travel' destinations for 2025
Worryingly, five per cent of Australians went into debt so they could take a trip, while the same number had to borrow money from family or friends so they could jet off. Getty
That's an estimated 3.6 million Aussies who couldn't go without that Euro Summer or other holiday, despite facing economic constraints.
Five per cent of Australians went into debt so they could take a trip, while the same number had to borrow money from family or friends so they could jet off.
Some were a little more responsible though - six per cent cancelled trips because they could not afford it.
Not surprising was the fact it was younger Aussies who were more likely to book a holiday they couldn't afford.
READ MORE: Unique luxury cruise offerings you've probably never heard of - but should definitely consider
Worryingly Aussies are also cutting back on a vital cost to save cash. Almost one in three Aussies admit they skimped on travel insurance because it was too expensive, the research found.
Obviously this could be disastrous - and a whole lot more expensive if they had an accident or became ill.
Sarah Megginson, personal finance expert at Finder, says it's clear not all Aussies were tightening the purse strings during the cost of living crisis.
"Although many households are struggling to afford groceries and basic necessities, some Aussies aren't prepared to forgo travel even while their budget is under pressure," she shares with 9Travel.
READ MORE: Airlines crack down on annoying airport behaviour with new boarding technology
"Being in denial about your financial situation can be reckless, and it could end up creating much bigger problems down the track."
"Once the holiday memories fade and the suitcases are packed away, you're left with a debt hangover that could take months or years to repay."
Sarah pleaded with people to be careful, suggesting looking at cheaper options such as visiting somewhere you can stay with family or even house swap.
"Cancelling a holiday is no-one's idea of fun, but if you're heavily weighed down by bills, you need to be realistic about what you can afford," she says.
